On February 8th, Friday, the crypto market showed an intraday bullish outlook following the lower-than-expected U.S. job data. As Bitcoin’s attempt to regain $100k triggers renewed bullish momentum in the altcoin market, crypto whales show interest in these two memecoin.
According to CoinGecko data, the top memecoins contribute to a total market cap of $75.37 Billion, while the 24-hour trading volume is $8.9 billion.
Key Highlights:
- According to Spotonchain data, the crypto whale has spent millions of dollars accumulating Pepe and WIF amid current market uncertainty.
- A long-support trendline drives the current uptrend in Pepe coin price.
- The falling Dogwifhat price could seek support at $0.63 and $0.5 horizontal levels.
Whale Wallets Load Up on PEPE & WIF Amid Market Volatility
Despite the recent market correction, the onchain data from the Spotonchain tracker highlights significant whale movement in memecoins like Dogwifhat (WIF) and Pepe Coin (PEPE).
A whale with the wallet address “0xe7d” made a substantial purchase of 280.85B PEPE by spending 974.642 ETH (~$2.62M) just five hours ago. Following this transaction, the whale now holds 1.404T PEPE, which is valued at approximately $13.2M. This move has resulted in a massive $13.75M profit (+328%).
Furthermore, a fresh whale wallet, “4FhF5,” withdrew 9.48M WIF ( worth approximately $7.17M) from Binance just 11 hours before reporting.
Historically, such large-scale accumulation has often boosted market sentiment and triggered market movement.
Pepe Coin (PEPE)
Over the past two months, the Pepe coin price has experienced a significant downturn from $0.0000283 to $0.0000083, projecting a loss of 68%. However, the falling coin price witnessed renewed bullish momentum at an ascending trendline, evidenced by the long-tail rejection candle on Monday.
Since April 2024, this dynamic support has provided buyers with a suitable foothold during a market correction. If history repeats, the PEPE price could rebound higher, with a growth potential of over 350%.
Dogwifhat (WIF)
Similar to other memecoin, the Dogwifhat price witnessed a massive correction from $4.8 to $0.7— an 85% decrease — in three months. Amid this downfall, the market sellers have recently breached the multi-month support of $1, paving the way for prolonged correction.
The daily chart analysis shows that $0.63 and $0.5 psychological levels are immediate supports of WIF price. If the buyers manage to recuperate the bullish momentum at these supports, the coin could reclaim the $1 floor.
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